Bybit experienced a major security breach in February 2025, with $1.5 billion in virtual assets stolen, primarily comprising Ethereum (ETH), drastically impacting the crypto exchangeโs operations.
The breach poses severe financial repercussions, challenging Bybitโs market stability and prompting urgent recovery measures while remaining significant in cryptocurrency security discussions.
Bybit Loses $1.5 Billion in Crypto Heist
In February 2025, Bybit encountered a major security breach, resulting in the loss of approximately $1.5 billion in virtual assets according to FBI reports. The hack primarily involved Ethereum (ETH).
CEO Ben Zhou managed the situation post-hack, highlighting potential vulnerabilities in Bybitโs multi-signature system.
Ben Zhou, CEO, Bybit โ โThe vulnerability might have been in the Safe wallet provider that Bybit uses for its Ethereum cold wallet.โ
North Korea and TraderTraitor Linked to $1.4 Billion ETH Theft
The hack significantly affected Bybitโs financial position, as $1.4 billion in ETH was stolen. Zhang secured bridge loans, covering 80% of the stolen ETH to stabilize operations.
Ben Zhou, CEO, Bybit โ โWe have secured bridge loans to cover 80% of the stolen ETH shortly after the incident.โ
The FBI identified North Korea as the perpetrator, involving the TraderTraitor cyber activity, which rapidly converted stolen assets into Bitcoin, indicating extensive laundering plans.
Precedent: Bybit Breach Mirrors $600M+ Hack Patterns
Past incidents, such as Ronin Network and Poly Network hacks, reflect similar significant breaches. Each exceeded $600 million, drawing parallels to Bybitโs extraordinary implications.
Experts from Kanalcoin suggest these events highlight urgent security needs in crypto exchanges. The incident underscores vulnerabilities, emphasizing enhanced protective measures for crypto platforms.
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